$$\begin{array} { cc} Disposable ~income &Consumption\\\$ 15,000 & \$ 12,000 \\17,000 & 13,600\end{array}$$

question 224

Essay

$$\begin{array} { cc} Disposable ~income &Consumption\\\$ 15,000 & \$ 12,000 \\17,000 & 13,600\end{array}$$
-Calculate MPS.

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Definitions:

Record The Income

This process involves documenting all revenue or income received by an individual or business for accounting and tax reporting purposes.

Repair

Costs incurred to restore an asset to its previous working condition or to maintain its current operating condition without improving it.

Payment

The transfer of money or goods from one party to another as an exchange for goods, services, or to fulfill a legal obligation.

Standard Deduction

A fixed dollar amount that reduces the income on which an individual is taxed, and varies according to filing status, with no itemization required.